Financial Services Cybersecurity Statistics

Cyber attacks cost financial services firms more to address and contain than in any other industry.
Financial services cybersecurity statistics. Firms are also likely to free up employees for cybersecurity by enlisting robotic process automation rpa to do repetitive tasks. The survey upon which this article is based was fielded by the financial services information sharing and analysis center fs isac in conjunction with deloitte s cyber risk services practice. 68 of business leaders feel their cybersecurity risks are increasing. Phishing email voip malware drive by or targeted security vulnerabilities 0 day 1 day and a.
The financial services industry is second only to retail in terms of the industries most affected by cyber crime the number of breaches reported by uk financial services firms to the fca increased 480 per cent in 2018 compared to the previous year. 12 nov 10 statistics that summarize the state of cybersecurity in financial services 1 security the top concern among community banks. A talent shortage in cybersecurity is likely to spur financial companies to find efficiency through the adoption of artificial intelligence which can quickly comb mountains of data to identify patterns of wrongdoing. Accenture only 5 of companies folders are properly protected on average.
The average number of breaches per company has more than tripled over the past five years from 40 in 2012 to 125 in 2017. Caroline paddle coping with cloud misconfiguration. According to the report more than 25 of all malware attacks hit banks and other financial services organizations more than any other industry and there were huge year on year increases in the. Cybersecurity solutions for the banking financial services sector the end user customer very much like an employee at a financial institution is the weakest link to any secure environment.
They face an almost infinite attack surface. Riskbased 71 of breaches were financially motivated and 25 were motivated by espionage. Varonis data breaches exposed 4 1 billion records in the first half of 2019. Financial services sector cybersecurity profile what it is.
The profile is a scalable and extensible assessment that financial institutions of all types can use for internal and external i e third party cyber risk management assessment and as a mechanism to evidence compliance with various regulatory frameworks a common college application for regulatory compliance both within the. Fifty one companies participated in the pilot launch of the survey with representation from entities both large over 2 billion in annual revenue. A report by ibm x force threat. According to a survey of 571 community banks in 37 states conducted.